Swept up in rumors during the past few months, industry insiders have come forward to deny reports of YG Entertainment CEO Yang Hyun Sukowning a Porsche 918 Spyder, which is estimated to cost upwards of $845,000.

The rumors started last year when a video was uploaded on YouTube and then spread to other online communities that showed someone who looked similar to Yang Hyun Suk driving a Porsche 918. As the months passed, the rumors continued to grow and came to the point of his name coming up in related searches with the car.

However, music industry insiders have come forward to deny these reports saying that he has not purchased that car nor does he own one of the cars. The insider said, “Yang Hyun Suk has seen the video himself and he is not the one who is shown in the video. He has not mentioned this video publicly because he has not yet been asked about it but once again, I repeat, he did not purchase a Porsche 918 nor does he have one in his possession.”

The car is a mid-engined hybrid hypercar went on sale in December 2014 and was subsequently sold out across the world. It is reported that only a very select few of them are in Korea and rumors had stated that the YG CEO was the owner of one of them.